Planned giving is one of the most thoughtful ways to support Selkirk College. It allows you and your family to benefit from making a gift now, and provide a lasting remembrance of your commitment to the students at Selkirk.
Many planned gifts are deferred gifts, such as bequests and life insurance policies.
- Outright gifts of cash
- Real estate
- Other gifts, structured to reduce taxes payable by you/your estate.
A bequest is a donation in your will.
- Distributed by your estate after your death.
- The Foundation will issue a donation receipt for the bequest.
- Your estate will receive a tax credit for up to 100% of your taxable income in the year of death and the preceding year.
Creating a Bequest
Not only can you choose how to make a bequest, you can also specify its use. You might opt to make a restricted bequest to establish a scholarship or bursary, or support a particular program or project. You may also specify that the principal of your bequest be endowed. In this circumstance, The Foundation invests your gift and only annual income is spent. This type of fund can be established in your name, or the name of a family member, friend, or colleague.
After any of the above, the following wording should be included: "If, in the opinion of the Board of Governors of Selkirk College, it should become impossible, inadvisable, or impractical to use this gift for the specified purpose(s), then the Board may in their discretion use the gift to the best advantage of Selkirk College, keeping in mind the original wishes of the donor. In any such alternative application, the support provided by this bequest shall be clearly identified with the name of the donor."
We encourage you to consult with Selkirk's Development Office if you are considering a restricted bequest. This step will help ensure that your wishes are achievable, and that the bequest provision contains appropriate wording.
The Selkirk College Foundation receives a specific (or fixed) amount of money. "I give, devise and bequeath the sum of $________ (dollars) to The Selkirk College Foundation in the City of Castlegar, Province of British Columbia, Canada."
A gift of all or a percentage of whatever remains (the "residue") after all taxes, liabilities, administrative expenses and specific bequests have been paid. The greatest advantage of this bequest is that, as your estate increases or decreases in value over time, your donation remains proportionate. " I give, devise and bequeath the rest, residue and remainder of my estate [or ___ % of the residue] to The Selkirk College Foundation in the City of Castlegar, Province of British Columbia, Canada."
This bequest takes effect only if the primary intention cannot be met. For example, you direct the Foundation to receive a portion of your estate if other beneficiaries do not survive you. "If [name of beneficiary] does not survive me, or shall die within thirty days from the date after my death, I give, devise and bequeath to The Selkirk College Foundation in the City of Castlegar, Province of British Columbia, Canada, ___ % of the residue of my estate [or $____ ]"
This information does not constitute legal or financial advice and should not be relied upon as a substitute for professional advice. Selkirk encourages you to seek professional legal, estate planning and financial advice before deciding on a course of action.